Daily Tax Report: State

East Harlem Gentrification Boosted by Rezoning, Tax Breaks

Dec. 13, 2018, 8:44 PM

At the corner of Lexington Avenue and 125th Street in East Harlem, in front of a closed Pathmark grocery—“Pat ark” is all that remains of the name—real estate broker John McGuinness paints a vision of the near future. The Pathmark transforms to a Trader Joe’s or a Fairway. Then come condos and affordable rentals, retail, offices.

“The epicenter of redevelopment is going to be around Lexington Avenue and 125th Street,” McGuinness said. “That area is so vital for transportation for the city and is kind of the most neglected area in upper Manhattan—probably the most neglected area around an express...

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